The 500 Startups’ bit-conference, which is sold out, will be held in California this Thursday. Robocoin’s ATM will verify an official government document of the user, their email address, palm print, face, and cash. The ATM will match the face of the user to the official government ID and verify that it is the same person before allowing them to complete any transactions. The hand print will be stored to recognize them in any future transactions. These protocols are made to adhere to FINCEN anti-money laundering policy and keep the company in good legal standing. Robocoin had already released bitcoin ATMs before; however, this is the first one that will be released in California. This system can effectively cut out the need for online exchanges for users who live nearby one of the units. Robocoin’s action to include all of the technology to prevent money-laundering should effectively keep them out of any legal trouble, and pave the way for more bi-directional Bitcoin ATMs. This technology brings Bitcoin that much closer to being “mainstream” and will allow anyone who wants to get started with Bitcoin, but didn’t know where to, the ability to get their first BTC with just a little bit of cash.
Robocoin released the world’s first Bitcoin ATM in Vancouver October 2013. The company has then went forward and developed the bi-directional Bitcoin ATM. This new ATM will make it possible for California citizens to trade without going through a big exchange. A lot of people are very reluctant to put money or bitcoins in an online exchange after what happened with Mt Gox. This ATM takes away the worry in storing coins online by delivering coins or cash instantly after the ATM has made just one confirmation within the Blockchain. With the success of the first ATM they released in Austin, Texas, it is only a matter of time until Bitcoin ATMs are released all over the country. Liberty Teller launched Bitcoin ATMs in Boston, February 2014. Liberty Teller launched their ATM, which works in a similar manner.
This ATMs work by reading and distributing paper wallets. If you sell Bitcoin to the kiosk, you will be given a ticket then you must wait until there has been one confirmation on the deposit, once it has been made the ATM will then distribute your cash to you. When buying Bitcoin from the ATM, the machine will scan the private key of your paper wallet, take the coins off of it, then distribute your cash. With the addition of another Bitcoin ATM in the united states, the currency can develop and grow closer to becoming a mainstream currency widely used among consumers. The future looks bright for Bitcoin as these new technologies are implemented into every day life.
Last modified (UTC): October 6, 2014 10:17